Bank of Nova Scotia Raises Stake in Rogers Communication, Inc. (NYSE:RCI)

Key Points

• Bank of Nova Scotia increased its holdings in Rogers Communication by 3.4% during the first quarter, acquiring an additional 262,705 shares, bringing its total ownership to nearly 1.49% valued at $213.64 million.
• Rogers Communication's quarterly earnings report showed a beat on earnings per share, with $0.82 exceeding estimates of $0.80, although the firm's revenue of $3.82 billion fell short of analyst expectations.
• The company declared a quarterly dividend of $0.3672 per share, an increase from its previous quarterly dividend of $0.36, reflecting a commitment to returning value to shareholders.

Bank of Nova Scotia increased its position in shares of Rogers Communication, Inc. (NYSE:RCI - Free Report) TSE: RCI.B by 3.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,998,907 shares of the Wireless communications provider's stock after buying an additional 262,705 shares during the quarter. Bank of Nova Scotia owned 1.49% of Rogers Communication worth $213,641,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. FIL Ltd lifted its holdings in shares of Rogers Communication by 7.2% during the fourth quarter. FIL Ltd now owns 33,450,577 shares of the Wireless communications provider's stock worth $1,028,336,000 after buying an additional 2,244,240 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Rogers Communication by 0.4% during the first quarter. Mackenzie Financial Corp now owns 8,368,837 shares of the Wireless communications provider's stock worth $223,483,000 after acquiring an additional 37,013 shares during the last quarter. Letko Brosseau & Associates Inc. raised its stake in Rogers Communication by 13.0% during the first quarter. Letko Brosseau & Associates Inc. now owns 5,885,187 shares of the Wireless communications provider's stock worth $157,143,000 after buying an additional 674,807 shares during the last quarter. Scotia Capital Inc. boosted its holdings in shares of Rogers Communication by 18.3% during the 4th quarter. Scotia Capital Inc. now owns 3,697,645 shares of the Wireless communications provider's stock worth $113,217,000 after buying an additional 572,270 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Rogers Communication by 0.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,914,155 shares of the Wireless communications provider's stock valued at $89,552,000 after purchasing an additional 17,666 shares in the last quarter. Institutional investors and hedge funds own 45.49% of the company's stock.

Rogers Communication Stock Performance

Shares of NYSE RCI traded down $0.62 during midday trading on Wednesday, hitting $33.05. 1,364,360 shares of the company's stock traded hands, compared to its average volume of 1,261,040. Rogers Communication, Inc. has a 1 year low of $23.18 and a 1 year high of $41.84. The firm has a fifty day moving average of $30.50 and a 200 day moving average of $28.05. The company has a debt-to-equity ratio of 2.23, a quick ratio of 1.64 and a current ratio of 1.70. The stock has a market capitalization of $17.78 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 1.84 and a beta of 0.77.

Rogers Communication (NYSE:RCI - Get Free Report) TSE: RCI.B last announced its quarterly earnings data on Wednesday, July 23rd. The Wireless communications provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.80 by $0.02. Rogers Communication had a return on equity of 21.59% and a net margin of 7.33%. The business had revenue of $3.82 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the previous year, the business earned $1.16 earnings per share. The business's revenue was up 2.4% on a year-over-year basis. On average, analysts forecast that Rogers Communication, Inc. will post 3.57 earnings per share for the current year.

Rogers Communication Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 8th will be paid a $0.3672 dividend. This is an increase from Rogers Communication's previous quarterly dividend of $0.36. This represents a $1.47 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend is Monday, September 8th. Rogers Communication's payout ratio is currently 72.64%.

Analyst Ratings Changes

RCI has been the subject of a number of recent research reports. BMO Capital Markets restated an "outperform" rating on shares of Rogers Communication in a research note on Wednesday, July 2nd. Scotiabank reaffirmed a "sector perform" rating on shares of Rogers Communication in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $72.00.

Rogers Communication Company Profile

Rogers Communications Inc operates as a communications and media company in Canada. It operates through three segments: Wireless, Cable, and Media. The company offers mobile Internet access, wireless voice and enhanced voice, device financing, device protection, global voice and data roaming, wireless home phone, bridging landline, machine-to-machine and Internet of Things solutions, and advanced wireless solutions for businesses, as well as device shipping and express pickup services; and postpaid and prepaid services under the Rogers, Fido, and chatr brands.